Common use of Termination by Issuer Clause in Contracts

Termination by Issuer. Without prejudice to Clause 13 (Termination by HML) or Clause 15 (Termination by Notice), the Issuer may at any time terminate this agreement prior to HML assuming the duties and obligations of the Administrators pursuant to Clause 2 (Appointment of Substitute Administrator) by serving notice in writing to HML (with a copy to the Substitute Administrator Facilitator), and HML shall be released from all obligations under this Agreement if: 14.1.1 default is made by HML in the performance or observance of any of its covenants and obligations under this Agreement where, in the opinion of the Trustee, such default or breach is materially prejudicial to the interests of the Most Senior Class of Notes and such default is not remedied for a period of 30 days after the earlier of HML becoming aware of such default and receipt by HML of written notice from the Issuer or, following delivery of an Enforcement Notice, the Trustee requiring the same to be remedied; 14.1.2 HML fails to assume the performance of the calculation of all amounts payable by the Issuer under the Relevant Documents and Conditions and the issuance of the relevant payment instructions on behalf of the Issuer within 5 Business Days of being notified of the occurrence of an Administrator Termination Event; 14.1.3 it is or will become unlawful for HML to perform or comply with any of its obligations under this Agreement; or 14.1.4 an Insolvency Event occurs in relation to HML.

Termination by Issuer. ‌ Without prejudice to Clause 13 (Termination by HML) or Clause 15 (Termination by Notice), the Issuer may at any time terminate this agreement prior to HML assuming the duties and obligations of the Administrators pursuant to Clause 2 (Appointment of Substitute Administrator) by serving notice in writing to HML (with a copy to the Substitute Administrator Facilitator), and HML shall be released from all obligations under this Agreement if: 14.1.1 default is made by HML in the performance or observance of any of its covenants and obligations under this Agreement where, in the opinion of the Trustee, such default or breach is materially prejudicial to the interests of the Most Senior Class of Notes and such default is not remedied for a period of 30 days after the earlier of HML becoming aware of such default and receipt by HML of written notice from the Issuer or, following delivery of an Enforcement Notice, the Trustee requiring the same to be remedied; 14.1.2 HML fails to assume the performance of the calculation of all amounts payable by the Issuer under the Relevant Documents and Conditions and the issuance of the relevant payment instructions on behalf of the Issuer within 5 Business Days of being notified of the occurrence of an Administrator Termination Event; 14.1.3 it is or will become unlawful for HML to perform or comply with any of its obligations under this Agreement; or; 14.1.4 an Insolvency Event occurs in relation to HML.; or 14.1.5 a Force Majeure Event prevails for a period of more than fifteen (15) consecutive Business Days, and it is such that it prevents HML from performing a substantial or a material part of the stand-by services set out in Clause 3 (Stand-by Services) (or from being able to perform such services in accordance with applicable law), provided however that, in the case of this sub-clause‌

Termination by Issuer. 14.1 Without prejudice to Clause 13 (Termination by HML) or Clause 15 (Termination by Notice), the Issuer or the Trustee may at any time terminate this agreement prior to HML assuming the duties and obligations of the Administrators Administrator pursuant to Clause 2 (Appointment of Substitute Administrator) by serving notice in writing to HML HML, terminate this Agreement (with a copy to the Substitute Administrator Facilitator), and HML shall be released from all obligations under this Agreement Agreement) if: 14.1.1 default is made by HML in the performance or observance of any of its covenants and obligations under this the Substitute Administration Agreement where, in the opinion of the Trustee, such default or breach is materially prejudicial to the interests of the Most Senior Class of Notes and such default is not remedied for a period of 30 days after the earlier of HML becoming aware of such default and receipt by HML of written notice from the Issuer or, following delivery of an Enforcement Notice, the Trustee requiring the same to be remedied; 14.1.2 HML fails to assume the performance of the calculation of all amounts payable by the Issuer under the Relevant Documents and Conditions and the issuance of the relevant payment instructions on behalf of the Issuer within 5 Business Days of being notified of the occurrence of an Administrator Termination Event; 14.1.3 it is or will become unlawful for HML to perform or comply with any of its obligations under this Agreement; or 14.1.4 14.1.3 an Insolvency Event occurs in relation to HML.

Termination by Issuer. ‌ Without prejudice to Clause 13 (Termination by HML) or Clause 15 (Termination by Notice), the Issuer may at any time terminate this agreement prior to HML assuming the duties and obligations of the Administrators Administrator pursuant to Clause 2 (Appointment of Substitute Administrator) by serving notice in writing to HML (with a copy to the Substitute Administrator Facilitator), and HML shall be released from all obligations under this Agreement if: 14.1.1 default is made by HML in the performance or observance of any of its covenants and obligations under this Agreement where, in the opinion of the Trustee, such default or breach is materially prejudicial to the interests of the Most Senior Class of Notes and such default is not remedied for a period of 30 days after the earlier of HML becoming aware of such default and receipt by HML of written notice from the Issuer or, following delivery of an Enforcement Notice, the Trustee requiring the same to be remedied; 14.1.2 HML fails to assume the performance of the calculation of all amounts payable by the Issuer under the Relevant Documents and Conditions and the issuance of the relevant payment instructions on behalf of the Issuer within 5 Business Days of being notified of the occurrence of an Administrator Termination Event; 14.1.3 it is or will become unlawful for HML to perform or comply with any of its obligations under this Agreement; or 14.1.4 an Insolvency Event occurs in relation to HML.

Termination by Issuer. ‌ Without prejudice to Clause 13 (Termination by HML) or Clause 15 (Termination by Notice), the Issuer may at any time terminate this agreement prior to HML assuming the duties and obligations of the Administrators pursuant to Clause 2 (Appointment of Substitute Administrator) by serving notice in writing to HML (with a copy to the Substitute Administrator Facilitator), and HML shall be released from all obligations under this Agreement if: 14.1.1 default is made by HML in the performance or observance of any of its covenants and obligations under this Agreement where, in the opinion of the Trustee, such default or breach is materially prejudicial to the interests of the Most Senior Class of Notes and such default is not remedied for a period of 30 days after the earlier of HML becoming aware of such default and receipt by HML of written notice from the Issuer or, following delivery of an Enforcement Notice, the Trustee requiring the same to be remedied; 14.1.2 HML fails to assume the performance of the calculation of all amounts payable by the Issuer under the Relevant Documents and Conditions and the issuance of the relevant payment instructions on behalf of the Issuer within 5 Business Days of being notified of the occurrence of an Administrator Termination Event; 14.1.3 it is or will become unlawful for HML to perform or comply with any of its obligations under this Agreement; or 14.1.4 an Insolvency Event occurs in relation to HML.

Termination by Issuer. Without prejudice to Clause 13 (Termination by HML) or Clause 15 (Termination by Notice), the Issuer may at any time terminate this agreement prior to HML assuming the duties and obligations of the Administrators Administrator pursuant to Clause 2 (Appointment of Substitute Administrator) by serving notice in writing to HML (with a copy to the Substitute Administrator Facilitator), and HML shall be released from all obligations under this Agreement if: 14.1.1 default is made by HML in the performance or observance of any of its covenants and obligations under this Agreement where, in the opinion of the Trustee, such default or breach is materially prejudicial to the interests of the Most Senior Class of Notes and such default is not remedied for a period of 30 days after the earlier of HML becoming aware of such default and receipt by HML of written notice from the Issuer or, following delivery of an Enforcement Notice, the Trustee requiring the same to be remedied; 14.1.2 HML fails to assume the performance of the calculation of all amounts payable by the Issuer under the Relevant Documents and Conditions and the issuance of the relevant payment instructions on behalf of the Issuer within 5 Business Days of being notified of the occurrence of an Administrator Termination Event; 14.1.3 it is or will become unlawful for HML to perform or comply with any of its obligations under this Agreement; or 14.1.4 an Insolvency Event occurs in relation to HML.